• Journal of Navigation and Port Research
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• v.47 no.2
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• pp.100-105
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• 2023

This study investigated determinants of stock betas of shipping companies in Korea. Beta is a measurement of sensitivity of an individual stock to the movement of the whole stock market. It is widely accepted that stock betas are not constant, but time-varying, which implies that they are affected by other factors. In this regard, this study examined betas of six shipping companies listed on the Korea Exchange for the period of 2000-2021 and their relationship with financial leverage, operating leverage, and cyclicality in the shipping market. Empirical analysis showed that betas of Korean shipping companies were positively associated with financial and operating leverages but negatively with cyclicality.

• Korean Journal of Social Welfare Studies
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• v.42 no.4
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• pp.137-163
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• 2011

The objective of this study is to examine the trend of real earnings for TANF leavers. Using administrative data in Wisconsin, this study tracks the 1998 TANF leavers over 7 years. Based on the cyclicality of real wage hypothesis, this study finds: First, although the average real quarterly earnings of TANF leavers have remained stable since their exits, there are substantial labor mobility among TANF leavers. Second, the panel data analysis shows that the real earnings of TANF leavers are significantly associated with local labor market conditions, which supports the hypothesis on the cyclicality of real wages. This study has policy implications that labor market conditions matter for the economic well-being of TANF leavers and the labor demand policies are needed for the economic security of TANF leavers after the exit.

• International Area Studies Review
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• v.22 no.2
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• pp.41-59
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• 2018

After global financial crisis, policy makers in major countries tried to find a new bank recovery and resolution policy. The new policy intends to normalize the market not by bail-out approach in which public funds should be provided bankrupt banks, but by market discipline approach in which unsecured creditors take part in liquidation process. Bail-in system is a new and dominant financial policy after crisis period in resolution regimes led by the government administration. This study tries to analyze the relationship between bail-in system and pro-cyclicality. Empirical analysis has been done by taking the basis of the 8 year data from 2008 to 2015, which is selected from financial statistics information system of Korea Financial Supervisory Service. Accounting and financial data are collected from the dataguide 5.0 between 2008 and 2015. Through the analysis, the effect of bail-out system and bail-in system on pro-cyclicality of total loans did not show the statistically significant relationship. However the effect of bail-out system on pro-cyclicality of SME loans showed the statistically significant relationship, meanwhile the effect of bail-in system on pro-cyclicality of SME loans did not show the statistically significant relationship. In conclusion, bail-in system can be useful policy which improves the support and promotion of SMEs.

• Journal of Labour Economics
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• v.26 no.3
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• pp.77-114
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• 2003

Analyses of the special data sets constructed from the National Longitudinal Survey of Youth and the Panel Study of Income Dynamics reveal that, compared with an annual wage measure, survey week wages are significantly counter-cyclically biased due to selecting workers with strong labor market attachment. We also find that survey week wages are more counter-cyclically biased in high-wage industries than in low-wage industries, that is, inter-industry gaps of survey week wages are counter-cyclically biased. Unlike existing longitudinal studies, the current study concludes that real wages are much more procyclical in high-wage industries than in low-wage industries, which is attributed to our adoption of annual wages that is less subject to the selectivity bias. Our finding is consistent with the empirical regularity that real wages are much more procyclical for men than for women, as men are overrepresented in industries with greater real wage procyclicalities. Overall, current results do not support the predictions of segmented labor market theories for the cyclicality of real wages.

• International Area Studies Review
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• v.15 no.3
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• pp.239-261
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• 2011

The cyclicality of productivity has been one of the essential issues in macroeconomics. Since Solow(1957) developed the dominant approach to the measurement of productivity growth, Solow's approach, which assumes the perfect competition, the constant returns to scale, and the full use of input factor has been modified particularly in Hall's(1990) and Basu's(1996) works. Their researches take account of market power, returns to scale, and variable factor utilization. This paper establishes the empirical model based on Hall's(1990) and Basu's(1996) models, estimates 4 types of Solow's reidual in manufacturing and 2 service industries over the period 1975:1-2010:4, and analyzes the cyclicality of measured productivity. The result proved the measured productivity to be procyclical in manufacturing industries and electricity and water industry, and in contrast to the Basu's, the variable factor utilization transformed the countercyclicality of measured productivity into its procyclicality in the Korean economy.

• Journal of Navigation and Port Research
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• v.45 no.5
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• pp.252-258
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• 2021

Given the cyclicality, seasonality, and capital-intensiveness, the development of the shipping industry has long been contingent on corporate financing activities. As such, there have been a growing number of cities in East Asia pursuing a global maritime financial center in order to support their domestic shipping industry. However, it is widely accepted that financial services relevant to shipping in East Asia are quite under-developed compared to those of other leading maritime financial centers in Europe and North America. In this regard, this paper aimed to construct an evaluation index of maritime financial centers in terms of financial ecological environment for the purpose of highlighting the current status of development and suggesting future directions. Furthermore, this paper examined the development of shipping finance in Qingdao as a numerical example using the fuzzy comprehensive evaluation and compared results with those of Shanghai.

• International Area Studies Review
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• v.15 no.2
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• pp.77-100
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• 2011

The Korean economy have experienced the remarkable decreases in factor prices such as bond yields, real wage since the IMF foreign exchange crisis. This paper investigates the effects of the price changes in the factor markets on determining the level and cyclicality of industrial markups in the manufacturing industry. For this purpose, we construct a markup equation in the small open economy based on the production function including foreign intermediate goods and assuming constant returns to scale technology and AR(1) process of technological coefficient. Empirical results are summarized as the followings. The empirical results shows that the increased markups after the IMF crisis can be explained by the price decreases in the factor markets which result in lowering marginal costs. And we also observed counter cyclicality of markup, labor share and interest rates while real wages, technical coefficients, and production price index proved to be pro-cyclical. In conclusion, the price changes in factor market have contributed to the stickiness in markup fluctuation in the manufacturing industry.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.829-837
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• 2021

The study investigates the impact of the Counter-Cyclical Buffer Policy (CCB) on regional development bank profitability in Sumatra, Indonesia. CCB requires banks to hold capital at times when credit is growing rapidly so that the buffer can be reduced if the financial cycle turns down or the economic and financial environment becomes substantially worse. This study employs time series data of regional development banks (RDBs) in Sumatra Island, Indonesia. The methodology applied in this study is a panel dynamic model with Generalized Methods of Moments (GMM). The results show that increasing capital through the implementation of CCB did not have a significant effect on RDBs' profitability. The findings of this study suggest that the activation and implementation of CCB lead to an increase in the amount and cost of loans to companies but do not affect the profitability of RDBs. The value of a Non-Performing Loan (NPL) proved to have a negative and significant effect on bank profitability. The CCB policy aims to overcome the pro-cyclicality of credit growth and improve bank resilience through increased capital which is expected to reduce excessive credit growth as a source of systemic risk. This causes a lack of lending to the community so that the profits obtained by the bank decrease.

• Journal of Korea Society of Industrial Information Systems
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• v.19 no.2
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• pp.93-103
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• 2014

This paper establishes the empirical model based on Hall's(1990) and Basu' s(1996) models, estimates the five types of productivity in the medical service industry over the period 1975:1-2010:4, and analyzes the cyclicality of measured productivities and their correlations with the industrial real wage. The empirical results are summarized as the followings. First, there proved to be substantial market power in pricing and returns to scale in production for the medical service industry. Second, the three types of productivity among 5 types showed to be procyclical. Third, the average labor productivity, the original Solow residual, and the cost-based Solow residual are expected to provide reasonable indexes in analyzing the relationship between productivity and real wage.